Morgan Stanley Ordered to Pay Over $34 Million to HSN Co-Founder’s Estate

Ms. Forte had been Mr. Speer’s financial adviser since the late 1990s

An arbitration panel ordered Morgan Stanley to pay more than $34 million to the estate of deceased Home Shopping Network co-founder Roy M. Speer and his foundation, after Mr. Speer’s widow alleged there was excessive and unauthorized trading in Mr. Speer’s accounts.

In an arbitration claim with the Financial Industry Regulatory Authority, Mr. Speer’s widow, Lynnda Speer, had alleged that the actions of her late husband’s financial...